The International Bank for Reconstruction and Development (IBRD) has signed a draft agreement for additional loan of US $61.70 million with the Department of Economics Affairs, Ministry of Finance, Government of India (GoI). This was disclosed by Thakur Gulab Singh, Public Works Minister here today.
Thakur Gulab Singh said that the original loan agreement was signed between the Department of Economics Affairs, Ministry of Finance, GoI and IBRD for loan amount of US $220 million. He said that this had been done keeping in view difficult hilly terrain and escalation in the cost in implementation of the project. He said that 10 projects of State Highways and Major District Roads were currently being executed and developed in the State along-with periodic maintenance of about 2000 kms of roads through World Bank Loan. Public Works Minister said that the negotiations for proposed additional loan of US $61.70 million for the State Road Project were held at New Delhi on 12th of this month.
Thakur Gulab Singh said that it was agreed for execution of loan closing date to 30th June, 2016 from existing 30th June, 2013 as the project needed some more time for completion due to difficult topographic conditions and termination of contract of Theog-Kotkhai-Hatkoti-Rohru road, which the existing company could not complete.
